Deposit

Jessica09

Hello! After being declined for a 95% mortgage with a couple of lenders, my dad offered to pay the rest of our deposit to make it 10%. After being rejected again (all due to my poor credit rating) our mortgage advisor finally found us an 89% mortgage that we got accepted for.

Everything has been going perfectly until now, were waiting to exchange contracts and our solicitors have only just found out that most of our deposit was a "gift" from my dad and have said they've had to refer back to the lender. I'm now worried sick this is going to have an affect on our mortgage offer and make our lenders change their mind about giving us the mortgage!

Does anyone know what the likelihood of that is?!

Thanks

DanDan123

I had a "gifted" deposit. And i had to get the people gifting me the money to write a letter confirming that they held no interest in the property, and no money was due to be returned. That seemed to satisfy the lender.

Hope that helps.

Dave_Ham

So long as your mortgage advisor told them it was a gift, no issues. Even if they did not, it should still be ok depending upon the lender.

You will need your Dad to sign a gifted deposit letter though, stating it is not a loan and he has no financial interest in the property etc. but sure your advisor will have one on a template..

Try not to worry...

Jessica09

Thanks for the replies!

Yeah we did that too, my dad wrote a letter to the solicitors confirming. It's a gift and that he has no legal internet and showed bank statements/passports. I'm just worried that when we got accepted for the mortgage it said our deposit was accumulates savings and now if they fins our most of its come from my dad they'll change their mind about lensing us the moneya

Jessica09

I apologise for my spelling - damn autocorrect!

Essex2201_2

Who is the mortgage with?